China has been one of the harshest countries with regard to cryptocurrency regulations and has given its citizens a very short leash. This hard-set attitude has made it difficult for people in the mainland to trade and hold cryptocurrency assets, while some have opted for offshore accounts, many still prefer using the little leeway their government allows.
The Chinese have clamped down on cryptocurrencies so much that they even forced a popular social media platform to shut down and warned its people that accounts related to cryptocurrencies would be watched closely.
Which is why the conversations that happened and the statements that were released at this year’s National People’s Congress comes as a long sought after reprieve to China’s people.